Maase Inc.
MAAS · Investment Advice · EDGAR filings ↗
Grade
D49Loss-making China VIE insurance/wealth distributor mid-strategic-overhaul with a large cash pile but deeply negative returns.
Strengths
- Sizable cash & investments ($630M, 71st pct) and healthy current ratio (3.8) plus positive FCF (8.4% margin)
- Net income decline is narrowing and liquidity is ample relative to near-term needs
Risks
- Negative operating margin (-88%, 8th pct), net margin (-25%), ROE (-31%) and ROA (-5.8%, all ~13th pct) with revenue down 19%
- China VIE structure, HFCAA delisting risk, repeated segment disposals and wholesale strategic redirection
Notable findings
- RestatementThe consolidated statements of operations for the years ended 2023 and 2024 have been restated to conform to this presentation 8-K ↗
- Net lossNet loss (net margin -25.1%)
- Revenue declineRevenue -17.8% YoY
Key metrics
Operating margin
-88.5%
Net margin
-25.1%
Return on equity
-30.8%
Return on assets
-5.8%
Revenue growth (QoQ)
-17.8%
Current ratio
3.8×
Free cash flow
$9M
Tangible book value
$89M
Cash & investments
$88M
Stock comp / revenue
9.4%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2025-10-29 | 2025-06-30 | 0001213900-25-103497 ↗ |
| 20-F | 2024-11-15 | 2024-06-30 | 0001213900-24-098740 ↗ |
| 20-F | 2023-09-25 | 2023-06-30 | 0001213900-23-078965 ↗ |
| 20-F | 2022-10-11 | 2022-06-30 | 0001213900-22-063027 ↗ |
| 20-F | 2021-09-27 | 2021-06-30 | 0001213900-21-049907 ↗ |
| 20-F | 2020-09-28 | 2020-06-30 | 0001213900-20-028570 ↗ |
| 20-F | 2019-10-15 | 2019-06-30 | 0001213900-19-020272 ↗ |